The Central Bank of Nigeria (CBN) has disclosed that the general public can continue to return mutilated banknotes to their banks after the September 2, 2019 deadline earlier reported. It stated that banks would continue to accept the bad notes from customers as part of its efforts to improve the overall quality of the naira notes in circulation.
According to the Director, CBN Corporate Communications, Mr. Isaac Okoroafor, who disclosed this on Saturday, 31st August 2019 the apex bank’s position was contrary to reports that the collection of mutilated notes would stop after the deadline.
He emphasized that September 2, 2019, deadline does not apply to bank customers or the general public who will continue to return mutilated notes to the banks. It only applies to the Deposit Money Banks (DMBs) because free sorting of naira notes for them will cease at the expiration of that September 2, 2019 deadline.
In his words, Okoroafor stated that “We opened a window from June to September 2019 so that when they bring the notes without sorting, we can sort it for them free.
But as from September 2, 2019, if they get those notes, they need to sort them before they bring them to us.
More so, Okoroafor, reiterated that the deposit of mutilated notes by customers and acceptance by commercial banks is a normal and continuous banking practice and as such continues even after September 2, 2019 deadline.
He urged customers and anyone whose qualifying mutilated note is rejected by Deposit Money Bank (DMB) to report such a DMB to the CBN by calling 07002255226 between 9am and 4 pm daily.
